Griffin Gaming Partners raises biggest game VC fund with $750M
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Griffin Gaming Partners is revealing it has the biggest fund in gaming with $750 million raised for its game-focused venture capital fund.
The fund is headed by founders Peter Levin, Phil Sanderson, and Nick Tuosto (a Griffin adviser who is also managing director at Liontree), and it focuses on gaming and markets that are adjacent to gaming such as esports, gaming infrastructure, tools, social gaming platforms, streaming, and the cloud. Across its two funds, Griffin Gaming Partners now has more than $1 billion in assets under management to invest in games.
The size of the fund says a lot about the state of games and game financing (which we will discuss at GamesBeat Summit 2022). Gaming has become the largest global entertainment with $180.3 billion in revenues in 2021, according to market researcher Newzoo. That number was ahead of Newzoo’s earlier forecast of $175.8 billion, and it was fueled by growth in mobile gaming as well as strength from the core console business for the Nintendo Switch, Sony PlayStation 5, and Xbox Series X/S.
Asked what the $750 million funding round means, Tuosto said in an interview with GamesBeat, “It means it’s a great time to be a founder. When I think about the history of games, it has had a perception from investor mindsets of being a very hits-driven business, where it’s hard to make money. Most of the folks who invest in this category do it only for a percentage of their time. They’re not all in on games. We cover this space closely. It takes expertise, relationships, and dedicated focus.”
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